Quote of the Day

From an interview with Stanley Druckenmiller:

This massive market rally is due in large part to the measures taken up by the Fed since the pandemic began, Druckenmiller said. He noted that, while the central bank did a “great job” in March by cutting rates and launching unprecedented stimulus programs to sustain the economy, the follow-up market rally “has been excessive.” He also said that for the first time in a while, he is worried about inflation shooting higher.
 
“The merging of the Fed and the Treasury, which is effectively what’s happening during Covid, sets a precedent that we’ve never seen since the Fed got its independence,” Druckenmiller said. “It’s obviously creating a massive, massive mania in financial assets.”

You don’t say.

Quotes of the Day

“There’s no algorithmic substitute for wisdom.”

James the Lesser (here)
 
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“On any issue, the people who believe there are two sides keep getting shouted down by those who believe there is only one.”

AVI

“They’re Very Proud of Their Work”

That’s what a friend of mine said about the guys who just pumped out her septic tank. It’s an important job. They did it well. They have high standards and a good attitude. We need more of all of this.

Quote of the Day

Dennis Prager, quoting and expanding on Bret Stephens’s explanation of how the New York Times could come to publish an obviously anti-Jewish cartoon:

“The reason is the almost torrential criticism of Israel and the mainstreaming of anti-Zionism, including by this paper, which has become so common that people have been desensitized to its inherent bigotry. So long as anti-Semitic arguments or images are framed, however speciously, as commentary about Israel, there will be a tendency to view them as a form of political opinion, not ethnic prejudice. But as I noted in a Sunday Review essay in February, anti-Zionism is all but indistinguishable from anti-Semitism in practice and often in intent, however much progressives try to deny this.”
 
Exactly right. As I wrote in “Why the Jews? The Reason for Anti-Semitism” 40 years before Stephens wrote his column, there is no difference between anti-Zionism and anti-Semitism. Of course, one can criticize Israel, just as one can criticize any country, but that is not anti-Zionism. Anti-Zionism is not criticism of Israel. It is a hatred of Israel — a hatred greater than that of any other country and a delegitimization of Zionism, the movement to reestablish the Jewish national home. Imagine someone who argued that the establishment of the Italian state — Italy — was illegitimate and who hated Italy more than any other country in the world yet claimed that he was in no way anti-Italian, as he had Italian friends and loved Italian culture. No one would believe such an absurdity.

Quote of the Day

Rush Limbaugh on Dec. 7:

Donald Trump arrived, the way I hear this Tillerson sound bite, Trump arrives knowing what he wants to do. He doesn’t arrive unsure and he’s not gonna admit that who doesn’t know what to do because he’s not from this world. He’s there, and he has a specific agenda that everybody that elected him knows what it is: Make America Great Again.
 
Sadly, he hasn’t done a lot on that agenda. He hasn’t built the wall yet. We haven’t repealed and replaced Obamacare. There’s a lot of things in the Trump agenda that have not happened yet. But that’s not what Tillerson’s talking about. Tillerson’s talking about some guy comes in and says, “This is what I want to happen.” And your typical Washington bureaucrat or CEO bureaucrat will say, “Well, where’s the memo? Where’s the plan? Where’s the blueprint?”
 
Trump said, “There’s no blueprint. Just do it! This is what I want to happen. This is what I want.”
 
“Well, uh, you know, you shouldn’t do it that way.”
 
“I don’t care what you — just make it happen.” Trump is one of these, this is how he’s worked, “make it happen.” If he’s talking to Jared, if he’s talking to Trump Jr. or Eric or Ivanka, “This is what I want, make it happen.” That’s not how Washington works. Washington works on things not happening. The whole point of bureaucracy is to not do such that it looks like you’re getting things done. There might not be any need for you after you finish. So everything’s never done. Of course Trump’s gonna have compatibility problems with that.

[emphasis added]